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Dec 30, 2012
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the most deficit reduction is going to come from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as somome sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fiscal bun hill, let's slide down it. >> if we slide down, jonas, in the first t week, people are going to open up the paycheck and see less money there. i don't think that people understand that at this point. >> people get used to tax cuts, that's the problem. short-term expiring tax cuts, including e paoll tax cut. you know, it's not the best way to solve a problem, but this cliff is the result of not coming up with deals and they're not going to come up with battery deal if it' negotiated it's not the ideal way to solve it out after deficit. we'd like to gradually raise taxes and cut spending, but this is the best we're going to get. any of the deals they would agree on, probably leave us to the oer guest's int, close t a trillion dollars anyway, and it's the
the most deficit reduction is going to come from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as somome sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fiscal bun hill, let's slide down it. >> if we slide down, jonas, in the first t week, people are going to open up the paycheck and see less money there. i don't think that people...
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Dec 31, 2012
12/12
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you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxs. so a fa share argument really is it -- lou: you're getting a again start out here. your last shot. >> mr. president, please, please work wit the business community. we want you to succeed, but you're putting impediments in is next.nd make impossible. the thin line between video and reality, talking with a man who knows th line and exploits it to train ou military, nd h says some brutally violent video games can turn some ids int killers. colonnl dave grossman with us next. copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proroven to help significantlimprove lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day
you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxs. so a fa share argument really is it -- lou: you're getting a again start out here. your last shot. >> mr. president, please, please work wit the business community. we want you to succeed, but you're putting impediments in is next.nd make impossible. the thin...
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Dec 30, 2012
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democrats and republicans agreed to these drastic cuts last year, to force both parties to the table on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport security are nothing new. but if the u.s. government goes over the fiscal cliff, they could get even longer. according to one congressional analysis, the transportation security administration would lose more than $640 million in funding, roughly 7% of out budget. t.s.a. with would also lose over 7,000 security officers. safety would not be compromised. the passenger misery would increase. >> it could be a severe impact on the traveling public. instead of maybe one hour, you may be there two or three hours before. >> reporter: long lines would be the least of the problems. under the mandatory cuts of the fiscal cl
democrats and republicans agreed to these drastic cuts last year, to force both parties to the table on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport...
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Dec 30, 2012
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not even close to fixing the deficit snding. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximaely eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but thfiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow econo. tom: but the blame game, who is going to get t
not even close to fixing the deficit snding. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximaely eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but thfiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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Dec 31, 2012
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader, long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, you know, we've got a huge opportunity around energy. we are producing more energy, and america can become an energy exporter. how do we do that in a way that also deals with the environmental challenges we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do, starting on january 1, if congress doesn't act before the end of the year, is to make sure that taxes are not going up on middle class families. because it is going to be very hard for the economy to sustain its current growth trends if suddenly we
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader, long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three, you know, we've got a huge...
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Dec 27, 2012
12/12
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so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i wearing is coming up
so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and...
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Dec 30, 2012
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biggest sticking points is should new leff new from tax increases be used to pay down the country's deficit or used to cover the cost of preventing sweeping government spending cuts? no ordinary sunday. arriving at the capitol, congressional leaders' every move and every word under scrutiny, as the country waits, weighing in from the white house, the president, who appeared on "meet the press," pushed republicans to give on taxes. >> i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> reporter: inside closed door negotiations this weekend, aipds say there have been "constructive move." on key issues like taxes, including compromise on where to set higher rates for wealthier americans and avoiding a jump in inheritance taxes. but this afternoon, republican leader mitch mcconnell complained that democrats had failed to deliver a promised counteroffer. so mcconnell called for help, phoning vice president biden who came to the white
biggest sticking points is should new leff new from tax increases be used to pay down the country's deficit or used to cover the cost of preventing sweeping government spending cuts? no ordinary sunday. arriving at the capitol, congressional leaders' every move and every word under scrutiny, as the country waits, weighing in from the white house, the president, who appeared on "meet the press," pushed republicans to give on taxes. >> i think it's been very hard for speaker...
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Dec 29, 2012
12/12
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years w
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in corporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of...
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they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody else in the country in order to get this demand met for the very wealthiest estates. this isn't even the top 1%. this is a fraction of 1%. while they want to give those folks a big break they want folks on social security to pay more. and so this is a major setback. it is interesting to hear mitch mcconnell talking about his good faith efforts. he knows that he just threw a monkey wrench into the negotiations y. think he is also doing it to protect speaker boehner and the republicans and the house because he doesn't want to send them a deal that he knows they are going to vote down. >> let's talk a
they want them to carry the burden of reducing the deficit and refuse to ask higher income individuals to pitch in to fully share responsibility. and that is exactly what is happening. it is important to know that republicans are now demanding that the wealthiest of the very wealthiest estates in this country get a sweetheart deal on estate taxes which would help 7,200 families in the country next year get an average tax break of $1.2 million. and they are holding up tax relief for everybody...
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Dec 28, 2012
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and lays the ground work for future cooperation on more economic growth and deficit reduction. >> now, that's a little different i. the president is saying he's going to urge the senate majority leader to go in an up or down vote which really rallies the country to call on their senators. and when he referred to unemployment insurance and unemployed people looking for work, the benefits that are set to expire, expire, now, are lifelines for people who work. 2 million people we're talking about. average check they receive is $320 per week. benefits goes to those who have been unemployed more than 6 months. every dollar in unemployment benefit translates to $1.10 in additional economic activity. these people have been out of work. these are people that invested in unemployment insurance, been out of work over 6 months. depend on this $320 a week. it expires unless a deal is made. that's why this is cig nif kant. and the president is saying let's make this happen or call the roll. >> it's time for a reckoning. the reckoning has to occur in a couple of different ways. the president is goi
and lays the ground work for future cooperation on more economic growth and deficit reduction. >> now, that's a little different i. the president is saying he's going to urge the senate majority leader to go in an up or down vote which really rallies the country to call on their senators. and when he referred to unemployment insurance and unemployed people looking for work, the benefits that are set to expire, expire, now, are lifelines for people who work. 2 million people we're talking...
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we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most important issue, but it's the central one. grover norquist told you his strong opposition to any tax increases of any sort. many republicans share his view. let's look at the economy. obviously across the board tax increases would hurt the economy. but what will the real economic reaction be to small tax increases on the wealthiest americans? now, annie lowrie of the "new york times" is still with us. i always have to make sure my viewers understand i am not advocating for tax increases on the rich. i want to explain what could happen. i want to bring in jean za
we still have a trillion-dollar deficit. we've got a lot of work to do. >> we do have a lot of work to do all i ask is we get the work down. stephen moore, always a pleasure to talk to you. we'll be talking a lot in 2013. >>> coming up, the great tax debate that stephen was just talking about. does raising tax on the wealthy really hurt the economy? i'll give you an answer after this. >>> the biggest issue in all the fiscal cliff wrangling is taxes. it's not the most...
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Dec 28, 2012
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federal pension fund is running dry, they posted a $34 billion deficit just for this year. and there is new worries it could o belly up. that is on top of the fha, federal housing agency, saying it is $16 billion in the red, if they get tapped out, and need a bailout, get ready to shell out. jonathan is all fed up. most people don't know about it i don't think it is a question of if, i think but when they need a bailout. >> if you look at the statistics, the economics, it is likelyhey will need taxpayer assistance, this is a branch of government, a part of government lost a billion dollars in 2012, it is only 70% funded, it is cash flow negative, an and $34 billion deficit, and 300 300 million of exposure to risky mentioned that will likely have to assume. just like the savings lone insurance scheme a few decade ago, it is my opinion they will need a taxpayer bailout. tom: it is a mouthful pbgc, pension benefit -- corporation, most don't know about it unless are a united airline pilot or delta or bethlehem steel, there are hundreds of plans they took over. but the pilots wh
federal pension fund is running dry, they posted a $34 billion deficit just for this year. and there is new worries it could o belly up. that is on top of the fha, federal housing agency, saying it is $16 billion in the red, if they get tapped out, and need a bailout, get ready to shell out. jonathan is all fed up. most people don't know about it i don't think it is a question of if, i think but when they need a bailout. >> if you look at the statistics, the economics, it is likelyhey...
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Dec 28, 2012
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when you think about it, the deficits cast, over a trillion dollars for e next four years. freckly this will add $80 billion a year. it is nonsense. it is a parody of reality, and the bld is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you're talking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is entitlements and think about the dynamic shift in the demographics, people are geing older, livi longer, the costs attributed to that with less workers, our population is not growing at much to mike catastrophic. if they don't do something realistic to curb spending problem. lou: as of tonight it looks like there is nothing ealistic going on in washington d.c. imagine that. it is s money and where it goes. you heard me talk for years about importae of our middle class and respect for those who work. no matter what the job. next, a terrific author whose new book celebrates the workers of what
when you think about it, the deficits cast, over a trillion dollars for e next four years. freckly this will add $80 billion a year. it is nonsense. it is a parody of reality, and the bld is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you're talking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is...
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Dec 29, 2012
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explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not. >> yes, it will. why don't we go over the cliff and get it over with. that makes sense to me, sean. >> sean: i say from the beginning he wanted to go over the cliff. he gets to blame republicans, tax everybody and gets defense cuts he never dreamed of through se see questions traition. we still have trillion dollars deficits. >> we got to be honest here. >> let's be honest both parties have been lying to the american people about that for years for decades sean. it is not a dam problem. >> sean: and no presiden spent like this reckless spender. billy cunningham
explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not....
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reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're talking about the house, that he's made a pledge around tacks that its willing to allow 98.2% of americans to pay more by going over -- around this curve, it's more of a curve than a cliff. but i think the issue of the deficit is important. i don't think it's a symbolic gesture. one of the things that we've seen is $200 million we've started carving off the deficit. and the question is the time frame of deficit reduction, right? it's how fast, over what time trajectory do we see health? we've been making improvements over the past three ye
reduce the deficit by 10 or 12%. so it's a question at this point of what sort of hollow, empty meaningless symbolic gesture daus washington want to make and how many group of people do they want on the altar to make that gesture. >> what's so interesting here is that we're talking about the republicans fighting to protect 1.2% of the american public from a tax increase. 98.2% of taxpayers are below the $250,000 threshold so it's kind of amazing in congress, particularly when we're...
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we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budget office and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, t
we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is...
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Dec 28, 2012
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president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to proceed forward. stuart: what we need more than anything else is to stimulate the private sector and you don't do that with more spending and we need to control long-term entitlement spending. we have to reform entitlement programs. that would fix things. stuart: i agree with you on a ladder but not the former. stuart: where's the president's reform program? >> that proposed -- absence something the democrats -- [talking over each other] >> you want to get rid of medicare and medicaid? stuart: that is always what you say. that is not true. why did you raise the eligibility age 65 to 67? raise the r
president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to...
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Dec 30, 2012
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you said you would cut the deficit in half. it's now four years later, we have $1 trillion deficideficits. >> it was thought to be a foregone conclusion the president would win. >> let's let him respond. >> while mitt romney came on strong, the president's lacklustre performance, looking down, scowling, growling left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. stha that was terrible. it was hard to watch. but some of the analysis afterwards really exposed some deficiencies in the democratic machine. >> for the republicans, b it was arguably the best moment of the whole year for their candidate. >> i don't think the candidacy kicked into high gear until the first debate. >> unfortunately for romney, it was also the best wake-up call for president obama who came alive in the next two encounters. >> we've got to reduce our deficit but we've got to do it in a balanced way. >> worst number, 47. as in percent. >> there are 47% of the people who will vote for the president no matter what. >> mi
you said you would cut the deficit in half. it's now four years later, we have $1 trillion deficideficits. >> it was thought to be a foregone conclusion the president would win. >> let's let him respond. >> while mitt romney came on strong, the president's lacklustre performance, looking down, scowling, growling left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. stha that was terrible. it was hard to watch. but some of the analysis...
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Dec 29, 2012
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you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxes. so a fair share argument really is it -- lou: you're getting a again start outhere. your last shot. >> mr. president, please, please work with the business community. we want you to succeed, but you're putting impediments in is next.nd make impossible. the thin line between video and reality, talking with a man who knows that line and exploits it to train our military, and he says some brutally violent video games can turn some kids int killers. colonnl dave grossman with us next. want to know what i did in the last five hou? i played a round of golf. then i read a book while teaching myself how to play guitar; ran ten miles while knitting myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. how you ask? with 5-hour energy. i get hours of energy n
you will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rates, the top 1 percentn this country makes seven timbers of the income. 37 percent of the taxes. so a fair share argument really is it -- lou: you're getting a again start outhere. your last shot. >> mr. president, please, please work with the business community. we want you to succeed, but you're putting impediments in is next.nd make impossible. the...
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Dec 29, 2012
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we talked about simpson-bowles, deficit reduction, and affordable care act. >> with no explanation of what they were for the average person. >> it was sort of the inside the beltway debate, and you get one positive debate for the entire fall campaign. you open things up to new voices to broader perspectives. i don't mean to pick on jim lehrer too much, but really, enough of it. >> chris, the worst move? >> the worst move, the decision by both the obama campaign and the not so surprising decision on never raising climate change for the first time. since 1988, if you go back to the tape when lloyd benson, they both said yeah, that will be a problem, we should do something about it. here we are, 24 years later and it doesn't even get a mention in any of the debates. >> i have another video assist, the worst move, the worst decision of the campaign was to do what you're about to see. at the republican convention. >> oh. >> i just wondered -- all of these promises, and then i wondered about -- you know, when -- the -- what do you want me to tell romney? i can't tell him to do that. can't d
we talked about simpson-bowles, deficit reduction, and affordable care act. >> with no explanation of what they were for the average person. >> it was sort of the inside the beltway debate, and you get one positive debate for the entire fall campaign. you open things up to new voices to broader perspectives. i don't mean to pick on jim lehrer too much, but really, enough of it. >> chris, the worst move? >> the worst move, the decision by both the obama campaign and the...
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Dec 24, 2012
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beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's getting rather potent and driving this market. are we now seeing that shift, we are talking about over four and a half billion shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb above 2% anytime soon. it makes a great deal of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is not a point change. lou: he being ben bern
beaten with a stake in order to get something substantial accomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have...
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agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean, what happens if we go over this cliff? >> well, you really have to distinguish between going over the cliff and quickly reversing the damage, meaning in a matter of weeks, which is still impossible. if we go over and stay over, a couple of million people will lose their unemployment benefits. eventually, taxes will increase for millions of others. the payroll tax holiday will probably be gone either way. once we go over the cliff, the economic pain will be forthcoming. >> and can be significant. give me a yes or no. are we going over the cliff? or will it be a last-minute deal? >> i think we're going over. >> y
agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate impact on people with unemployment insurance and other things? i mean,...
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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you know as well as i do this does nothing to deal with the $1 trillion plus deficits we have yearly. this is the fifth year in a row, we're going to have $20 trillion worth of debt on top of $48 trillion worth a long-term liabilities by the time mr. obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time. for mr. obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like the bill, let it go for debate. let his senate vote it down and say no, we're not going to accept these condit
you know as well as i do this does nothing to deal with the $1 trillion plus deficits we have yearly. this is the fifth year in a row, we're going to have $20 trillion worth of debt on top of $48 trillion worth a long-term liabilities by the time mr. obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time....
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it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count two democratic offers came back to republicans and four came back from republicans to democrats. the last one being at 7:00 last night, and, boom, after that, things pretty much came to a standsti standstill.
it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the...
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policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the administration officials say they offered the proposal as a way to get republicans to come back with something else, they say. if not, the president wants this plan to be voted on in the house and to be voted on in the senate. this proposal is unlikely, would be making it through the house unless there's progress made off the president's opening offer, a very old offer, then we're in trouble. back to you david: that's why s&p futures went down after the bell, focused on what happens with no progress. that may change. the president is still meeting on both sides. we'll wait and see what happens when they
policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a fashion to pass the house of representatives or make it viable for some senate republicans to join with that. the president, the...
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. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >> if milk went up that much, you would see a huge change in the dietary habits of americans, including children. they would be drinking water and soda. remember we have all these sugary drinks that people are letting their children have. and you would see this big shift away from milk toward those kinds of drinks. the real underlying story here, i think the important one is about how we are seeing the way the republicans are likely to behave for the next two years, i think this is going to turn out to be an extraordinarily difficult and weird and unusual period in american history.
. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >>...
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everybody says we need to have cuts and deal with the deficit. but you can't do it in such a way that you do it in a sudden flash -- >> sudden flash! >> and it causes the economy to crater. >> it's been four years and so many meetings. >> excuse me, do you think republicans have no complicity in passing two wars without funding it. >> democrats voted for the war in iraq, including hillary clinton, if you want to go there. >> republicans voted for this. my point -- >> entitlements. you said hayare not miles apart. >> they're not! >> what's the plan on entitlements. >> the president has put on the table, the chain cpi to slow the rate of growth -- >> slow the rate of growth is not a cut, juan! >> it is a cut! >> even john boehner says that's a cut. the left thinks that's a cut -- >> no plan. there are no plans. >> let's go up to $400, if you want. so what we're talking about, eric, is a cut for 99% of americans. they keep the bush tax cuts. you would think republicans would be seb berating. >> juan's drinking the kool-aid, man. >> i agree that the
everybody says we need to have cuts and deal with the deficit. but you can't do it in such a way that you do it in a sudden flash -- >> sudden flash! >> and it causes the economy to crater. >> it's been four years and so many meetings. >> excuse me, do you think republicans have no complicity in passing two wars without funding it. >> democrats voted for the war in iraq, including hillary clinton, if you want to go there. >> republicans voted for this. my...
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is more revenue but the concern is, that if the revenue goes to more spending you haven't solved the deficit and the debt. the real secret to getting this thing working is getting economic growth that generates revenue rather than higher taxes. those are elements that we need to get a deal that works and that's why we think there's chance here if the president will come back with some of those savings in his proposal. adam: but here's, we had an economist on yesterday who has no skin in this game politically which gives her credibility to what she had to say. she said the most dangerous thing we could do to the economic recovery is raise taxes. tte president clearly will not give on that point. he is going to raise taxes. if she's accurate, that the worst thing we could be doing right now. why would republicans give in to that, even if it's on the top 2%? >> what republicans want to do is close loopholes and limit deductions, not raise rates but i believe the president one way or the other, the president is going to force rates higher on the upper end. i don't know that there is any way we c
is more revenue but the concern is, that if the revenue goes to more spending you haven't solved the deficit and the debt. the real secret to getting this thing working is getting economic growth that generates revenue rather than higher taxes. those are elements that we need to get a deal that works and that's why we think there's chance here if the president will come back with some of those savings in his proposal. adam: but here's, we had an economist on yesterday who has no skin in this...
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insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a deal. but they will try to passes a bill on the two key democratic priorities and dare republicans to block it. and they will not be able to do it, at least not for long. >> if we get down to the end of the year and the only choice we have is to keep the taxes from going up on the middle class, i will support that. >> a quote was given, mr. boehner said he wanted a deal along the lines that the two men negotiated in 2011, you missed your opportunity on that. president told him. cold. but what we know right now, what we know from that, is that john boehner wishes he could go back in time, go back to 2011, and
insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a...
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insurance is still available for two million people and lays the groundwork for economic growth and deficit reduction. >> everything that has been happening in the last several hours has been happening behind the scenes. we have correspondents tracking everything for you. we have luke, luke, i will start with you this hour. the senate officially reconvenes tomorrow afternoon. i assume that there's a lot of closed door talks going on right now. is that true? what can you tell us? >> reporter: that is true, staff from harry reed and mitch mcconnell have been negotiating through the daout the day and in picked up. we have heard that both sides are not budgeting. but we don't know, things can change at any moment. if we have to gauge how to talks have gone so far from the conversations we have had here around capitol hill, they have not been too good at the moment. all that being said though, craig, there's a lot that can happen over the next 48 hours. the deal obviously is to try to have something on the floor that can pass the house of representatives by new year's eve. that is why it's so di
insurance is still available for two million people and lays the groundwork for economic growth and deficit reduction. >> everything that has been happening in the last several hours has been happening behind the scenes. we have correspondents tracking everything for you. we have luke, luke, i will start with you this hour. the senate officially reconvenes tomorrow afternoon. i assume that there's a lot of closed door talks going on right now. is that true? what can you tell us? >>...
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americans looking for a job, and lays the ground work for future progress on more economic growth and deficit reduction. >> republicans say they want a deal as well, but they highlighted their biggest sticking points today in their weekly address. listen now to missouri senator roy blount. >> senate democrats have spent months drawing partisan lines in the sand. the president's proposal to raise tax on the top 2% of americans won't even pay one-third of the annual interest that's now owed on this massive $16 trillion debt. in fact, the president's tax hike would only fund the government for eight days. >> the senate is set to reconvene sunday at 1:00 eastern time. the house expected to be in session sunday. are going to start around 2:00 with the first votes coming around 6:30 p.m. let's head on over to the white house. kristen welker standing by. a lot happening in washington, d.c. a lot happening i would assume at the white house. but how engaged is the presidented to in moving this thing forward? >> reporter: good afternoon, t.j. i am told there are conversations going on at the staff leve
americans looking for a job, and lays the ground work for future progress on more economic growth and deficit reduction. >> republicans say they want a deal as well, but they highlighted their biggest sticking points today in their weekly address. listen now to missouri senator roy blount. >> senate democrats have spent months drawing partisan lines in the sand. the president's proposal to raise tax on the top 2% of americans won't even pay one-third of the annual interest that's...
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insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. that's the bare minimum that we should be able to get done. >> majority leader reid is ready to follow through on an up or down vote. reid said in a statement -- "at president obama's request, i am readying a bill for a vote by monday that will prevent a tax hike on middle class families, making up to $250,000, and that will include the additional critical provisions outlined by president obama." president obama pointed out the danger of inaction. >> the economy is growing, but sustaining that trend is going to require elected officials to do their jobs. the housing market is recovering, but that could be impacted if folks are seeing smaller paychecks. the unemployment rate is the lowest it's been since 2008. but already, you're seeing businesses and consumers starting to hold back, because of the dysfunction that they see in washington. >> the president's stern statement echoed the
insurance is still available for 2 million people, and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. that's the bare minimum that we should be able to get done. >> majority leader reid is ready to follow through on an up or down vote. reid said in a statement -- "at president obama's request, i am readying a bill for a vote by monday that will prevent a tax hike on middle...
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a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi, united press international. and the whole thing took off from there, and we take nominations from all over the world. whatever floats to the top gets to our list. >> and is i was going to ask how that happened. people can, what, make suggestions, somehow contact your university and say here's a word i want banished. >> lssubanished. do a search and it will get you right to our page. and there is still time to vote, by the way. the list comes out on monday at 12:01. if we get anymore packed ballot boxes, we'll include those. >> do that right now. a few of the words banished for 2012,
a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi,...
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a plan that would simplify the tax code, shrink the deficit, protect the taxpayers, and grow the economy. but democrats consistently rejected those offers. the president chose, instead, to spend his time on the campaign trail. this was even after he got re-elected. and congressional democrats sat on their hands. now, republicans have bent over backwards. we stepped way, way out of our comfort zone. we wanted an agreement. but we had no takers. the phone never rang and so now here we are five days from the new year and we might finally start talking. democrats have had an entire year to put forward a balanced bipartisan proposal. and if they had something to fit the bill, i'm sure the majority leader would have been able to deliver the votes the president would have needed to pass it here in the senate. and weapon wouldn't be in this
a plan that would simplify the tax code, shrink the deficit, protect the taxpayers, and grow the economy. but democrats consistently rejected those offers. the president chose, instead, to spend his time on the campaign trail. this was even after he got re-elected. and congressional democrats sat on their hands. now, republicans have bent over backwards. we stepped way, way out of our comfort zone. we wanted an agreement. but we had no takers. the phone never rang and so now here we are five...
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republicans demand that the government reduce its deficit as a condition for raising the debt ceiling. both democrats and republicans earth tactics that shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional supercommittee. but a poison pill was attached. if the supercommittee can't reach a deal, automatic across the board cuts known as a sequester would go into effect be at the exact moment when those bush tax cuts extended for two years would expire. so the point is we could have all seen this coming and some of us did. we yelled at the top of our lungs about it but were drowned out by the election. it seems that good governance gets drowned out by continuous elections in america. this time there may be a serious price to pay for it. >> if we go off the fiscal cliff, be will you notice an immediate change to your wallet? we want to get a reality check from stephe
republicans demand that the government reduce its deficit as a condition for raising the debt ceiling. both democrats and republicans earth tactics that shut down the government and ultimately cost america its aaa credit rating for the first time in history. but in a last-minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional supercommittee. but a poison pill was attached. if the...
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of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic rcue in china. a young woman getting money from an atm machine is grabbed from behind and then a knife is put to her throat. there you see it. you can see the man holding her. a special unit of police and professional negotiators dispatched immediately to the scene after two hours finally able to take him down. wow. patti ann: the u.s. government is the nation's largest assett holder managing nearly 900,000 buildings and 640 million acres of land. in short hundreds of billions worth of assets that it could sell off to pay down the national debt. some say it's time for the government to start selling. wi
of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic...
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the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make
the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i...